The motor vehicle wheels market in Belgium has demonstrated considerable fluctuation over the past decade. From 2012 to 2022, the market showed varied year-on-year changes, notably with a significant dip in 2014 and a substantial recovery in 2021. Last year, 2022, witnessed a 5.71% growth, leading the market value to reach 994.39 million USD. The compound annual growth rate (CAGR) presents a modest overall growth trend with 1.03% over the last five years.
Future trends to watch for:
- Technological advancements in wheel manufacturing and materials which may result in more durable and lighter wheels.
- Environmental regulations may prompt a shift towards more sustainable production practices.
- Growing popularity of electric and hybrid vehicles which may demand different specifications and consequently impact market size and product offering.
How does Belgium rank in Motor Vehicle Wheels (And Including Parts) Market Size Value?
| # | 36 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 39,551,000,000 | 2023 | +2.38% | +2.35% | View data |
| 2 | 2 China | 19,307,000,000 | 2023 | +3.7% | +3.76% | View data |
| 3 | 3 Germany | 8,397,200,000 | 2023 | +1.11% | +1.25% | View data |
| 4 | 4 Japan | 7,915,500,000 | 2023 | -0.11% | -1.47% | View data |
| 5 | 5 United Kingdom | 3,316,600,000 | 2023 | +0.57% | +0.48% | View data |
| 9 | 9 Brazil | 1,187,000,000 | 2023 | -3.2% | -3.42% | View data |
| 10 | 10 India | 1,049,700,000 | 2023 | +2.58% | +2.43% | View data |
| 11 | 11 Belgium | 998,500,000 | 2023 | +0.41% | -0.32% | |
| 12 | 12 Indonesia | 981,400,000 | 2023 | +2.01% | +0.47% | View data |
| 13 | 13 Argentina | 752,830,000 | 2023 | -1.24% | -1.77% | View data |
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